China's Zhejiang Internet Police reported a fraud case under the guise of virtual currency

Comparing news, the Internet Police in Taizhou, Zhejiang, China recently reported a fraud case under the guise of metaverse virtual currency.

Under the name of promoting face-swiping payment devices, the criminal gang first diverted money through a points system, then induced investors to buy self-issued air coins, and continued to suck in money through lock-up, price control, and currency exchange methods, eventually defrauding more than 130 investors of about 35 million yuan.

The court found that the defendant committed fraud for the purpose of illegal possession, which was extremely large, and was sentenced to 10 years in prison and a fine of 200,000 yuan.